Eve Energy to fund Malaysia plant withHK listing proceeds
Eve Energy, China's fifth-laraGENCIES
gest producer of electric vehicle (EV) batteries, unveiled plans to build its second factory in Malaysia, three weeks after it decided to raise funds with a share offering on the Hong Kong stock exchange.
The Shenzhen-listed company said in an exchange filing over the weekend that the plant, to be based in Kulim, in the northern state of Kedah, would cost 8.65 billion yuan (US$1.2 billion) and take up to two and a half years to complete.
The production capacity for the factory, which would manufacture batteries for energy-storage systems, was not revealed.
Proceeds from the share offering and loans from banks or other institutions would be used to fund the project, the company added.
'The project will propel expansion of the company's overseas businesses and meet the growing global demand for energy storage,' the filing said. 'The plant will help mitigate risks arising from escalating international trade frictions and spur our business growth.' The new plan is subject to approval by Chinese and Malaysian authorities.
On Monday evening, Eve submitted its listing documents to the Hong Kong bourse, without specifying the amount it intends to raise. Citic Securities is the sole sponsor for the share offering.
On June 9, Eve, based in Huizhou in China's southern Guangdong province, said its board endorsed a Hong Kong listing plan aimed at bolstering its international expansion, but details about the share offering were still in the works.
According to Seoul-based consultancy SNE Research, Eve had a 2.7 per cent share of the global market for EV batteries in the first four months of 2025.
The company reported an underlying net profit of 3.2 billion yuan in 2024, up 14.8 per cent from a year earlier.
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